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SOURCE Research and Markets
DUBLIN, Feb. 14, 2014 /PRNewswire/ --Research and Markets (http://www.researchandmarkets.com/research/lfr6tq/contactless) has announced the addition of the "Contactless Payments Market by Solutions & Services - Global Advancements, Market Forecasts and Analysis (2013-2018)" report to their offering.
In recent times, millions of consumers are equipped with contactless enabled debit and credit cards and other contactless devices. This adoption is expected to grow rapidly in the next few years with the emergence of mobile phones based on NFC (near-field communication) technology. From a business standpoint, despite of continuous growth in the volumes of the transactions, financial institutions are facing some marginal pressures on their payment business because of the increasing competition. Whereas, consumers can simply tap their contactless cards and NFC enabled phones on a contactless reader, authorize their purchase without any signatures and pins. Hence, contactless payments are making transactions faster, and check-out lines are becoming shorter generating higher sales volumes.
NFC is considered to be at the heart of mobile electronic payments. The main objective of financial institutions is enhancing the card usage and offer innovative services to cardholders. The main goal in the market is to catch hold of cash market. Contactless technology in the payment industry helps issuers to differentiate their portfolio on the basis of increasing revenues and high branding effect.
The leading vendors in the market are moving to the new and innovative generation of products, presenting optimized chips and operating systems for high level of security, increasing RF performances and transaction times. The companies support financial institutions to launch an effective contactless payments program. With the wide array of value-added-services in the market and strong infrastructure provides quick and secure personalization of contactless cards in payments industry.
In the coming years it is expected that market would expand towards payments through mobile phones. Hence, understanding the goals, expectations and attitudes of contactless payments users is very important for designing a successful payment experience. It is forecast the market will grow from $4.32 billion in 2013 to $9.88 billion in 2018, at a CAGR of 18% during the forecast period. The overall size of market equals to the sum of the revenues of various solutions being adopted by end users.
Key Topics Covered:
2 Executive Summary
3 Market Overview
4 Contactless Payments, Market Size and Forecast By Payment Modes
5 Contactless Payments, Market Size and Forecast By Solutions
6 Contactless Payments, Market Size and Forecast By Services
7 Contactless Payments, Market Size and Forecast By Verticals
8 Contactless Payments, Market Size and Forecast By Regions
9 Contactless Payments: Market Landscape
10 Company Profiles
For more information visit http://www.researchandmarkets.com/research/lfr6tq/contactless
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